D-MARKET Names 2 CEOs to Sharpen Execution After Kaspi.kz's $1.12 Billion Stake Buy
Updated
Updated · Simply Wall St · Jul 4
D-MARKET Names 2 CEOs to Sharpen Execution After Kaspi.kz's $1.12 Billion Stake Buy
1 articles · Updated · Simply Wall St · Jul 4
Summary
Ender Özgün has taken over as D-MARKET CEO, while logistics veteran Hakan Karadogan was named CEO of Hepsiburada’s Delivery unit in a split leadership structure reporting to Chairman Mikheil Lomtadze and the board.
The dual-CEO setup is meant to tighten execution across marketplace operations, payments and logistics as Kaspi.kz integrates the Turkish e-commerce group after buying a 66.35% stake for about $1.12 billion.
Management changes do not alter D-MARKET’s near-term investment case, which still hinges on improving logistics and payments integration while containing margin pressure and cash burn.
Analyst projections cited in the report point to TRY223.5 billion in revenue and TRY18.1 billion in earnings by 2029, but the company would need 36% annual revenue growth and a swing from a TRY6.2 billion loss.